We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • The #Dow Jones, #Nasdaq and S&P 500 have continued to melt higher in recent days even as bullish catalysts seem to sputter out. Get your #equities market update from @PeterHanksFX here: https://t.co/6QGkvWJ20E https://t.co/3ysgLGSUIJ
  • Heads Up:🇮🇳 Monetary Policy Meeting Minutes due at 05:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-06-05
  • 🇯🇵 Leading Economic Index Prel Actual: 76.2 Expected: 84.5 Previous: 85.1 https://www.dailyfx.com/economic-calendar#2020-06-05
  • 🇯🇵 Coincident Index Prel Actual: 81.5 Expected: 90.3 Previous: 88.8 https://www.dailyfx.com/economic-calendar#2020-06-05
  • 🇯🇵 Leading Economic Index Prel Actual: 72.6 Expected: 84.5 Previous: 85.1 https://www.dailyfx.com/economic-calendar#2020-06-05
  • 🇯🇵 Coincident Index Prel Actual: 81.5 Expected: 90.3 Previous: 90.2 https://www.dailyfx.com/economic-calendar#2020-06-05
  • 🇯🇵 Leading Economic Index Prel Actual: 72.6 Expected: 84.5 Previous: 84.7 https://www.dailyfx.com/economic-calendar#2020-06-05
  • Heads Up:🇯🇵 Coincident Index Prel due at 05:00 GMT (15min) Expected: 90.3 Previous: 90.2 https://www.dailyfx.com/economic-calendar#2020-06-05
  • Heads Up:🇯🇵 Leading Economic Index Prel due at 05:00 GMT (15min) Expected: 84.5 Previous: 84.7 https://www.dailyfx.com/economic-calendar#2020-06-05
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.21%, while traders in US 500 are at opposite extremes with 77.99%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/E7VjXi4QEU
Forex Analysis: US Dollar Clings to Support as S&P 500 Recovers

Forex Analysis: US Dollar Clings to Support as S&P 500 Recovers

2012-12-18 01:50:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: The US Dollar continues to grasp at the last vestiges of near-term support while the S&P 500 has launched a sharp recovery in a bid to overturn bearish positioning.

US DOLLAR TECHNICAL ANALYSIS Prices broke rising trend line support set from the mid-September bottom, exposing a neckline barrier at 9926. A further drop below that exposes the bottom of a Flag formation at 9875. Trend line support-turned-resistance is at 9950, with a break above that targeting the Flag top at 9959 and the 23.6% Fibonacci expansion at 9995.

Forex_Analysis_US_Dollar_Clings_to_Support_as_SP_500_Recovers_body_Picture_4.png, Forex Analysis: US Dollar Clings to Support as S&P 500 Recovers

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices rebounded from the bottom of a minor rising channel bottom set from late November to challenge resistance at a falling trend line set from the September 14 high (1439.10). This barrier is reinforced by the channel top at 1443.40, with a break above that exposing 1466.10. Alternatively, a drop below channel bottom (1416.30) aims for 1396.40.

Forex_Analysis_US_Dollar_Clings_to_Support_as_SP_500_Recovers_body_Picture_3.png, Forex Analysis: US Dollar Clings to Support as S&P 500 Recovers

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke lower after putting in a Bearish Engulfing candlestick pattern, taking out support at the bottom of a rising channel set from early November. Sellers are now testing support at 1692.41, the 50% Fibonacci expansion. A break below that exposes the 61.8% level at 1677.84. Channel support-turned-resistance is at 1729.27, with a break above that broadly targeting 1752.55 anew.

Forex_Analysis_US_Dollar_Clings_to_Support_as_SP_500_Recovers_body_Picture_2.png, Forex Analysis: US Dollar Clings to Support as S&P 500 Recovers

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices bounced from support at 85.61, the 50% Fibonacci expansion, to approach range top resistance at 89.19. A push above that initially aims for the December 3 high at 90.31. Alternatively, a break below that exposes the 61.8% Fib at 84.50.

Forex_Analysis_US_Dollar_Clings_to_Support_as_SP_500_Recovers_body_Picture_1.png, Forex Analysis: US Dollar Clings to Support as S&P 500 Recovers

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.